A six-building, 1.22 million-square-foot portfolio owned by Seagis Property Group includes properties in Carlstadt, Lyndhurst, Carteret and North Brunswick in New Jersey and two in Doral, Florida. — Courtesy: JLL
By Joshua Burd
Seagis Property Group has secured $176 million in permanent financing for more than 1.2 million square feet of industrial space across six buildings in New Jersey and Florida.
According to JLL, which arranged the transaction, Nationwide provided the eight-year, fixed-rate loan in connection with the 96 percent leased portfolio. The New Jersey properties include warehouses in Carlstadt, Lyndhurst, Carteret and North Brunswick, while the two Florida assets are in Doral in a key submarket near Miami International Airport.
JLL senior managing directors Jim Cadranell and Gregory Nalbandian, Vice President Michael Lachs and Analyst Kevin Badger represented the borrower. They added that the buildings’ largest tenants comprise 81 percent of the portfolio, noting that the facilities have 16- to 25-foot clear ceiling heights and ample loading docks.
“This portfolio represents a compelling core financing opportunity that provides scale, critical mass, strong submarkets, tenant diversification, stabilized occupancy and proven infill locations,” Nalbandian said. “This combination of quality and projected (net operating income) growth made this an attractive investment in two of the country’s premier logistics markets. Northern New Jersey and South Florida continue to benefit from their strategic positions as global gateway markets with exceptional transportation infrastructure and diverse tenant bases. Nationwide stepped up to deliver a very strong fixed-rate, interest-only loan that met all of Seagis’ objectives.”
